In a recent development, the Hong Kong Monetary Authority (HKMA) has imposed a significant fine of HK$10,000,000 ($1.3 million) on DBS Bank (Hong Kong) for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The decision, announced on July 5, 2024, comes after an in-depth investigation by the HKMA which uncovered various lapses in control measures at DBS Bank.